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    #76
    Originally posted by gingib View Post
    This is the most absurd financial advice I have heard!

    I won't have a payment all my life. Vehicle or house!

    Some do yes. If you live the way most people do
    Why is it absurd?

    Unless someone allows you to squat on their property for free, you will always be paying someone a fee for a place to stay whether it is a bank, landlord or tax office.

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      #77
      Originally posted by Katsaregood View Post
      Thought I wanted to raise cattle and grow hay in East TX but the taxes are terrible. Guy I used to work with there heard a knock on his door one day. It was the county tax appraisal man. He wouldn’t let the guy inside the house to look around. Can’t say that I blame him.
      I'd never let a tax appraiser inside. My personal belongings, furniture, etc. are none of their business.

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        #78
        Originally posted by redtailz View Post
        Why is it absurd?

        Unless someone allows you to squat on their property for free, you will always be paying someone a fee for a place to stay whether it is a bank, landlord or tax office.
        Because it is. Continuing to refinance and then pulling money out you already paid 3-5% interest on to do it again is flat out insane. Plus refi fee's and costs.

        Hence why you don't ever pull from a retirement account either to live on. Just poor managing of money


        Yes you will always pay taxes. Better then the alternative of renting and throwing away money.

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          #79
          Originally posted by gingib View Post
          Because it is. Continuing to refinance and then pulling money out you already paid 3-5% interest on to do it again is flat out insane. Plus refi fee's and costs.

          Hence why you don't ever pull from a retirement account either to live on. Just poor managing of money


          Yes you will always pay taxes. Better then the alternative of renting and throwing away money.
          Dave Ramsey guy I am guessing?

          It is not flat out insane. Perhaps you do not understand the math behind it, but he is not wrong. Having a large portion of your net worth parked in your home inaccessible to you, like having it paid off, is detrimental to wealth accumulation. Sometimes folks do it because of their own risk aversion.

          I am not the guy that will argue for constantly leveraging your home just as hard as possible, but without leverage of some kind, one can not escape the rat race, period.

          If you are shaky on the math, and we can discuss without 'flaming' on a discussion forum I can show you how its not 'insane'.

          Comment


            #80
            Originally posted by friscopaint View Post
            We got back from looking in Florida panhandle 2 days ago. I'm about to retire and can't handle the taxes going up every year here. Would love to stay in Texas but can't afford it, my first $5000 in property taxes is exempted in Florida due to current VA disability breaks which basically means we will live income and property tax free. I wrote my state rep yesterday but he probably figures me leaving will just have another person buying my place and replacing me. Roads were much nicer in Florida to.
            This is where I'd retire to, or just move to, if I could. Love this area and most are hard core conservative. Good luck to ya.

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              #81
              I pay about $5k a year in taxes, and $800 a year in homeowners dues.

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                #82
                value went up by $36 K.....

                I could sell for $100k more than they have it listed at, so not sure about fighting it...

                $8500 per year in taxes, another $3k in insurance.....sucks but I love where I live right now...but I wont stay after I retire....

                I will be on a lake somewhere

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                  #83
                  Originally posted by axisbuck24 View Post
                  Wish they exempt the seniors or disable from school taxes. Especially if you do not have kids in school. If one opts go to a game, then pay the entrance fee as per use.
                  this has been my contention, since my kids are grown and out of school, why should i have to foot the bill for all the new folks moving in with kids,, i know that when you turn 65 Hunt County Freezes your Taxes, and gives a 10000 of school taxes, but hell thats 10 years away

                  Comment


                    #84
                    Originally posted by BuckSmasher View Post
                    Dave Ramsey guy I am guessing?

                    It is not flat out insane. Perhaps you do not understand the math behind it, but he is not wrong. Having a large portion of your net worth parked in your home inaccessible to you, like having it paid off, is detrimental to wealth accumulation. Sometimes folks do it because of their own risk aversion.

                    I am not the guy that will argue for constantly leveraging your home just as hard as possible, but without leverage of some kind, one can not escape the rat race, period.

                    If you are shaky on the math, and we can discuss without 'flaming' on a discussion forum I can show you how its not 'insane'.
                    Pay it off and there is no more interest and payment. Simple.

                    Paying say 4% on a mortgage payment of $1000. Rough math but more then half of that will go to Interest down the drain. So you spent $1000 and gained say $400 in principal.

                    Then you wanna take that out, pay thousands in closing costs, and pay that $1000 again in the form of it now being $900 because you lowered your payment. So throw another $500 down the drain. Plus the months your falling behind now.

                    Sorry it makes no sense unless your getting 100% ROI, which is not feasible over the lifetime of house payments you want and will have.

                    And why is a large portion of your net worth in a home, that is problem 1. If your equity in your home is large compared to your net worth then you are part of the rat race lol


                    And yes you need to risk money to make money, this is not the way.

                    Factor in that $1000 a month into 7-8% safely and its way healthier


                    Its the same logic of why some investment options are double or triple smart. Roth, HSA, etc

                    Comment


                      #85
                      Originally posted by gingib View Post
                      Pay it off and there is no more interest and payment. Simple.

                      Paying say 4% on a mortgage payment of $1000. Rough math but more then half of that will go to Interest down the drain. So you spent $1000 and gained say $400 in principal.

                      Then you wanna take that out, pay thousands in closing costs, and pay that $1000 again in the form of it now being $900 because you lowered your payment. So throw another $500 down the drain. Plus the months your falling behind now.

                      Sorry it makes no sense unless your getting 100% ROI, which is not feasible over the lifetime of house payments you want and will have.

                      And why is a large portion of your net worth in a home, that is problem 1. If your equity in your home is large compared to your net worth then you are part of the rat race lol


                      And yes you need to risk money to make money, this is not the way.

                      Factor in that $1000 a month into 7-8% safely and its way healthier


                      Its the same logic of why some investment options are double or triple smart. Roth, HSA, etc

                      Based on your post it sounds like you are re-iterating a talking point from a debt aversion seminar instead of running actual calcs, statements like 'rough math' means as 'best as I can recall from the seminar' lol. Which in this case means wrong math. For one thing......

                      -$1,000 at 4% interest on a 30 year amortization will cost $718.70 in interest. So you spent $718.70 for your $1,000 in principal. Not $1,000 for $400. Not sure of your methodology but it is incorrect.

                      -$1,000 invested at 4% simple interest, compounded annually, for 30 years is $2,200. In other words your $1,000 principal earned you $1,200. In case you are wondering ($718/$1,200)x100= 59.8% more money over the life of the loan at the same interest rate.

                      -No clue where the 100% roi comment came from but is obviously false as demonstrated above.

                      Now if you really want to have fun.. we can look at leveraged asset ROI... What Dave DOESN'T teach you lol.

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                        #86
                        am in the same boat. Am seeing the writing on the wall and know it is time to move if I want to have any kind of retirement in the future instead of paying the State and Dallas County.

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                          #87
                          Originally posted by friscopaint View Post
                          I'll never vote for a school bond again, it's ridiculous what I pay for our schools.
                          Especially if they build a 50 million dollar stadium used 3 times a week, and lock out the people who paid for it. Some states open up their stadiums and tracks for people to walk to show gratitude. I am an ex football coach and it still baffles me.

                          Comment


                            #88
                            Originally posted by tpepper70 View Post
                            This is where I'd retire to, or just move to, if I could. Love this area and most are hard core conservative. Good luck to ya.
                            Everyone, except some visitors, were conservative that we met

                            Comment


                              #89
                              Originally posted by BuckSmasher View Post
                              Dave Ramsey guy I am guessing?

                              It is not flat out insane. Perhaps you do not understand the math behind it, but he is not wrong. Having a large portion of your net worth parked in your home inaccessible to you, like having it paid off, is detrimental to wealth accumulation. Sometimes folks do it because of their own risk aversion.

                              I am not the guy that will argue for constantly leveraging your home just as hard as possible, but without leverage of some kind, one can not escape the rat race, period.

                              If you are shaky on the math, and we can discuss without 'flaming' on a discussion forum I can show you how its not 'insane'.
                              Truth. Well said sir.

                              I'm starting to finally after all these years grasp the idea of real estate loans as a hedge against inflation and mortgage intrest to offset taxes. I'm in the baby stages though.

                              Comment


                                #90
                                we vote down every school bond and most other large ones they try to pass. they then hold closed city counsel meetings and pass bloated budgets anyway. this last election cycle the mayors term was up and he was running for city counsel and they all got voted out. local swamps need to be drained also.

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